The value of information is in its use, or perhaps in the ability to prevent others from using it.
“H&M Ramps Up Data Use,” The Wall Street Journal, May 8, 20189 B4. Store chain mines social media to identify and track trends, and analyses store-specific information to determine what to stock in that store.
So, they use a common technology approach to data analysis chain-wide to derive a store-specific stocking strategy. They find that computers don’t get distracted by emotions as much as humans.
Filed under Access, Analytics, Collect, Information, IT, Knowledge Management, Management, Operations, Use, Use, Value
How do you forecast what information the company will need twenty years from now, long after your retirement?
“First Job of Dismantling Nuclear Plants: Find a Russian Speaker,” The Wall Street Journal, June 12, 2017 A1. Dismantling engineers encounter problems when trying to decontaminate and tear down an old nuclear facility. The engineering drawings are not necessarily accurate as-built diagrams, and a lot of the language is Russian.
An organization needs a lot of information. One area is “What information will we need when it’s time to dismantle this great thing we just built?” Is this information governance, records management, or knowledge management? Does it matter? Who owns this problem? This same problem came up in my prior life when looking at the information requirements to shut down and dismantle a North Sea oil platform – a lot of that information needs to be captured at the front end and during the life of the facility, and maintained until the facility is removed.
How did a frequent flier make the best use of his story of being bumped from his flight and not getting the legally required compensation? He shared that information with others on-line.
“When United Bumped This Flier, He Fought Back,” The Wall Street Journal, November 10, 2016 D1. The bumped flier share his story on-line through FlyerTalk and others pitched in with suggestions on how to work his claim through the process. Settlement offer originally $373. Final settlement: ~$2,000.
The value of information depends on how you use it. Knowing what you don’t know is a step towards finding others who do know. What’s the all-in cost of this dispute to United? Did United comply with the Denied Boarding Compensation rules?
Exchanging information is a big part of knowledge management, and is generally viewed as good. Not so when the exchange is between competitors.
“U.S. Sues DirecTV, Alleging Collusion,” The Wall Street Journal, November 3, 2016 B1. DOJ sued, alleging unlawful information sharing between DirecTV and various other cable TV operators over whether they were going to pay to carry LA Dodger baseball games.
All dealings between horizontally aligned competitors are suspect. Sharing price information is illegal per se. But sharing “information” about whether you are going to do something can also be objectionable.
A former real estate agent who used to come into the restaurant where I worked before law school stood up at a trade association meeting and said something like “I don’t know what the rest of you are going to do, but I am holding firm at a 6% commission.” He then walked out. He was convicted of price fixing.
Is this an antitrust or compliance issue or an information governance issue? Does it matter?
Lots of stories in the news about various car makers playing fast and loose with the estimated mileage statistics.
“GM Stops Sale of Crossover Wagons to Correct Mileage Labels,” The Wall Street Journal, May 14, 2016 B3. An “inadvertent error” led to overstating the mileage estimates.
How come the inadvertent errors never go the “other” way?
If one of your competitors has a problem, do you have it too?
Filed under Accuracy, Business Case, Communications, Compliance, Compliance, Governance, Information, Knowledge Management, Management, Oversight, Risk
While the model is not perfect, is world governance significantly different from corporate governance?
“U.S. Seeks Stronger Intelligence Ties With Belgium,” The Wall Street Journal, May 9, 2016 A7. US wants Belgium to share Belgium’s intelligence on the migration of foreign fighters.
Is this the same problem corporations have internally, when one division or office doesn’t share information with others within the family? Is this culture?
Underpinning much of knowledge management involves the study of mistakes – yours and those of others. By studying the past, you hope to avoid making the same mistakes in the future. Learning the lessons from those mistakes requires that the underlying process be changed.
“Clues to Better Health Care From Old Malpractice Lawsuits,” The Wall Street Journal, May 10, 2016 D3. Analysis of medical malpractice lawsuits lost or settled leads to changes in treatment processes.
Great use of available information.
Do lawyers study the cases lost (and settled) by their company or their industry and make recommendations how the company could avoid similar lawsuits in the future? Engineers do this all the time. Hospitals have had mortality panels for years. Is there something fundamentally different about legal mistakes or mistakes that lawyers make?